30 November 2005

Over 65 property market

New research from Brewin Dolphin Wealth Management reveals there are now some 280,000 people over the age of 65 who each have assets of £500,000 or more.

Collectively, these half-millionaires are worth a staggering £239.7bn. And they own around 9.34% of the UK personal net wealth.

Younger people may be saddled with crippling university and credit card debts, struggling to get on the first rung of the housing ladder, and swimming against the tide when it comes to keeping their head above the financial water.

But for many parents and grandparents, who have not only reaped the benefits of Britain's economic boom since the end of the Second World War, but been a part of the welfare state with its free health care and old-age pensions, life in retirement is proving their just reward for years of toil.

As independent financial adviser Kim Addavide of AYP Financial Limited, says, 'This is the generation of savers who didn't change jobs and had good company pension schemes from which they are getting their full service, and who have seen the value of their property rise dramatically.

More here.

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